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Rupee weakens against dollar in early deals on Monday

20 Jun 2016 Evaluate

Indian rupee weakened against the US dollar in early trade on Monday, as worries escalated on possible dollar outflows after Reserve Bank of India (RBI) governor Raghuram Rajan announced his exit from the central bank over the weekend. Besides, lower opening in the domestic equity market, fresh demand for the American currency from importers also put pressure on the rupee. However, the dollar's weakness against some currencies overseas restricted the rupee's losses. On the global front, sterling rallied early on Monday as momentum swung in favour for Britain to remain in the European Union just days ahead of a referendum, helping underpin risk sentiment which in turn weighed on the safe-haven yen.

The partially convertible currency is currently trading at 67.40, weaker by 32 paise from its previous close of 67.08 on Friday. The currency touched a high and low of 67.69 and 67.33 respectively. The Reserve Bank of India’s (RBI) reference rate for the dollar stood at 67.16 and for Euro stood at 75.45 on June 17, 2016. While the RBI’s reference rate for the Yen stood at 64.39, the reference rate for the Great Britain Pound (GBP) stood at 95.5535. The reference rates are based on 12 noon rates of a few select banks in Mumbai.

Date1US$1GBP
June 17, 201667.168295.5535
June 16, 201667.206895.2388

(RBI-Reference Rate)

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